Watch: Banco Santander: Transforming online payments and smart contracts using IBM Blockchain Platform
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Spain-based international bank Santander realized the moment had arrived for blockchain technology to transform banking. As part of the we.trade consortium, Santander uses the IBM Blockchain Platform to connect banks with start-ups, entrepreneurs and other businesses to issue letters of credit using The Linux Foundation's Hyperledger-based smart contracting. The bank is using blockchain technology to change the way banks and businesses move money around the world.
“This is the a-ha moment in the Blockchain space when it comes to applying Blockchain for cash management, liquidity management, cash pooling, sweeping and topping of liquidity,” explains Juan Jiménez Zaballos, Group Vice President, Santander.
“This is the a-ha moment in the Blockchain space when it comes to applying Blockchain for cash management, liquidity management, cash pooling, sweeping and topping of liquidity,” explains Juan Jiménez Zaballos, Group Vice President, Santander.
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Francisco Gimeno - BC Analyst Santander is showing the way on using the blockchain to transform a traditional bank to become a 4th IR financial institution. It has started betting strongly, and if successful we will witness many other changes in their way of doing things. Other Banks which now don't even want to hear the word blockchain should learn from Santander.